October Market Update

Here are the Prudential Market Updates for Buckhead and Vinings in the month of October:

Sales in Buckhead have dropped month over month and year over year. I believe this is primarily due to decreased inventory, but it is also a seasonal adjustment. As a result with 6 years of inventory available, sales are slowing and inventory is climbing in the the over $2M market.

October Market Update - Buckhead

October Market Update – Buckhead

Vinings remained steady with a much higher increase in sales price.  I believe that is primarily due to the higher end homes (at and over $1M) moving again at a great pace.  Many of those homes had been on the market for quite a while, but with no new inventory coming on the market, I believe buyers finally picked from what existed versus continuing to wait and hope for what they wanted to come on the market.  We had a great flurry of the newer high end homes sell this spring and finally this fall the remodeled high end homes have gone under contract.  That could partially be due to the sellers compromising further in price as well.

October Market Update - Vinings

October Market Update – Vinings

I’m including more specific Vinings data from another source as well that I find to be interesting.

Under $800k

Location:   ZIP 30339
Price Range:   $0 – $799,999
SQFT Range:   0 – No Limit
Property Types:   Residential Detached – All Properties – All Properties
Bedrooms:   0 – No Limit
Full Baths:   0 – No Limit
Half Baths:   0 – No Limit
Year Built:   0 – No Limit

Under $800k

Look at the balancing of inventory to demand that has taken place over the past year in Vinings under $800,000. Inventory has steadily declined and transactions have increased.  This is great news as well. It shows us that homes in 30339 that are priced right will sell.

$800k and Up

Location:   ZIP 30339
Price Range:   $800,000 – No Limit
SQFT Range:   0 – No Limit
Property Types:   Residential Detached – All Properties – All Properties
Bedrooms:   0 – No Limit
Full Baths:   0 – No Limit
Half Baths:   0 – No Limit

Notice the volume of sales in April (which were newer construction over $1M) and then last month.  I’ve pulled this over the past 2 years to show you the significance in the volume change.  There has been pent up demand for the higher end homes, but the remodels weren’t selling this spring and then, as of last month, they are moving.  This definitely sends us a message that buyers want Vinings enough to compromise or set their expectations a bit higher on price points. This is great news for us and also indicates a need for high end homes on the market in Vinings again.

As always, let me know if you might be interested in selling as I have buyers that are still looking!

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